The global concentrator photovoltaic (CPV) technology market is driven by higher efficiency with low system cost and the use of renewable energy resources, states a new report by Transparency Market Research (TMR). The report is titled, ‘Concentrator Photovoltaic (CPV) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024.’ It offers a thorough account of the historical development of the market, along with detailed data about the market’s present condition on the basis of which reliable forecasts regarding the market’s future development are given.
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Concentrator photovoltaic (CPV) technology is a utility-scale solar power generation option, which is still at its nascent stage of development. The price competitiveness, efficiency improvements, and enhanced reliability are projected to drive the demand for concentrator photovoltaic technology in the coming years. According to analysts, the growth of the global concentrator photovoltaic market is also due to the subsidies and incentives offered by various governments to make use of renewable energy.
The global CPV technology market faces challenges such as a lack of wide acceptance and limited locations that have high direct irradiation. However, there are a large number of projects in the pipeline, which are expected to act as an opportunity and help the market to grow. Emerging nations with high electricity prices and high irradiation are supporting CPV projects by signing power purchase agreements with local manufacturers and electricity consumers. Thus, emerging nations are expected to create an opportunity for players in the CPV technology market.
On the basis of geography, the global concentrator photovoltaic market is segmented into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. At present, China has the largest CPV power plant in operation, making Asia Pacific one of the significant markets for CPV. It is anticipated that Asia Pacific will continue to lead in the coming years. The Middle East and Africa is also expected to provide lucrative opportunities in the market. Among the developed countries, Europe and the U.S. are currently holding significant shares in the installed CPV capacity.
The global CPV market is consolidated as many small companies are being acquired by larger companies. TMR analysts have observed that many CPV companies have faced bankruptcy and hence closed their operations. On the brighter side, there are many companies that work on CPV modules and thus, innovations and technological developments will keep the players in the market motivated. Key players profiled in the market are: Sunpower Corporation, Ravano Green Powers, Soitec, and Zytech Solar.
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